A three-day run on a small Chinese bank ended as swiftly as it began after government officials and banking executives came out in force to assure depositors that their money was safe.
In a rare move to defend a single institution, the China Banking Association, an industry group, issued a statement on Wednesday declaring that the finances of Jiangsu Sheyang Rural Commercial Bank, the lender hit by the bank run, were in good shape and that it faced no risk of collapse.
The intervention followed signs that the panic was spreading more widely, with another small bank in the area, the Rural Commercial Bank of Huanghai, also facing a rush of withdrawals.
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